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Imperial Brands

IMBBF
52
Tobacco · Consumer Defensive
Price
$33.34
+0.34 (+1.03%)
Market Cap
$25.45B
Exchange
Other OTC
Winston Score
52
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 14, 2026 · filings through Mar 31, 2026

§How the score breaks down

Quality
Good
Growth
Mixed
Cash Flow
Exceptional
Stability
Mixed
Valuation
Strong
Dividends
Good
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Share count falling — buybacks

−12.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 947.5M (2021) → 830.6M (2025)

§Winston Score History

The full picture

Imperial Brands is a major tobacco company based in the United Kingdom. It makes and sells cigarettes, cigars, rolling tobacco, and vaping products. Its well-known cigarette brands include Davidoff, Gauloises, JPS, and West, which are sold to adult consumers in markets across Europe, North America, Africa, and Asia.

The company earns revenue primarily by selling tobacco products through retailers and distributors. It is one of the largest tobacco companies in the world, and its established brands and pricing power give it a strong competitive position in a heavily regulated industry. Imperial has been investing in next-generation products like heated tobacco and vaping to offset the long-term decline in cigarette smoking, but the pace of that transition and increasing government regulation remain key risks to the business.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+25.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

£0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

0.4%ownership

Relatively low insider ownership

Cash Runway

~8 months

£1.2B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Imperial Brands has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
33.0%
Modest — 33.0% gross margin
Profit after running costs
Operating Margin
15.9%
Healthy — 15.9% operating margin
Return on the money invested
ROCE
23.7%
Exceptional — 23.7% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+4.9%
Slow sales growth (+4.9% YoY)
Profit growth
EPS YoY
-53.5%
Earnings shrinking (-53.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
179%
Turns 179% of profit into real cash
Spare cash per sale
FCF Margin
14.5%
Converts sales into free cash efficiently (14.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
2.68
Heavy debt load (2.68)
Covers its interest
Interest Cover
7.82x
Adequate interest coverage (7.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
15.7x
Fair value — P/E 15.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+9.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (15.7 → 6.4)

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Dividends

Dividend
Dividend Yield
6.82%
Healthy income — 6.82% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
-10.5%
Dividend cut (-10.5% YoY) — warning sign

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